Expert Appraisal Reviews by On Time AppraisalsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the prudent for appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." On Time Appraisals provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is obtained guarantees independence and quality. They must also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment. The Federal Reserve notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At On Time Appraisals, we're skilled in all types of appraisal reviews, review procedures and the requirements of review appraisers.
On Time Appraisals knows what the most prevalent reporting defects are, particularly in our home market. We also know what makes a quality appraisal. At the same time, we are proficient enough to admit that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust On Time Appraisals to justly review appraisal reports executed by others. And those others may be examining our work, too!
In short, here at On Time Appraisals, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.